Skyworks Solutions, Inc (SWKS) has reported 7.68 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $246.80 million, or $1.31 a share in the quarter, compared with $229.20 million, or $1.18 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $277.60 million, or $1.47 a share compared with $296.10 million or $1.52 a share, a year ago. Revenue during the quarter dropped 5.15 percent to $835.40 million from $880.80 million in the previous year period. Gross margin for the quarter expanded 128 basis points over the previous year period to 50.80 percent. Total expenses were 65.06 percent of quarterly revenues, down from 66.21 percent for the same period last year. This has led to an improvement of 115 basis points in operating margin to 34.94 percent.
Operating income for the quarter was $291.90 million, compared with $297.60 million in the previous year period.
However, the adjusted operating income for the quarter stood at $318.40 million compared to $335.20 million in the prior year period. At the same time, adjusted operating margin improved 6 basis points in the quarter to 38.11 percent from 38.06 percent in the last year period.
“As our results and outlook reflect, Skyworks is capitalizing on the strength of both Mobile and Internet of Things ecosystems,” said Liam K. Griffin, president and chief executive officer of Skyworks. “Specifically, we are in the midst of a dramatic sea change in the usage case for wireless technologies and the way they are transforming how we live, work and play. As a virtual hub for e-commerce, enterprise to the cloud, social media, gaming and entertainment, mobile devices are rapidly evolving to address the massive demand for data and speed across an increasingly crowded spectrum. Skyworks is resolving this daunting complexity with customized system-level solutions to ultimately improve the user experience with higher levels of efficiency, enhanced streaming capabilities and expanded network coverage. As a result, we are well positioned to continue delivering above-market growth, profitability and shareholder value.”
For the first-quarter, Skyworks Solutions expects revenue to grow in the range of 7 percent to 9 percent.
Operating cash flow improves
Skyworks Solutions, Inc has generated cash of $1,095.70 million from operating activities during the year, up 10.36 percent or $102.90 million, when compared with the last year. The company has spent $250.90 million cash to meet investing activities during the year as against cash outgo of $454.70 million in the last year.
The company has spent $804.60 million cash to carry out financing activities during the year as against cash outgo of $300.30 million in the last year period.
Cash and cash equivalents stood at $1,083.80 million as on Sep. 30, 2016, up 3.85 percent or $40.20 million from $1,043.60 million on Oct. 02, 2015.
Working capital increases
Skyworks Solutions, Inc has recorded an increase in the working capital over the last year. It stood at $1,791.90 million as at Sep. 30, 2016, up 23.51 percent or $341.10 million from $1,450.80 million on Oct. 02, 2015. Current ratio was at 9.52 as on Sep. 30, 2016, up from 4.13 on Oct. 02, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
